Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1887-06-17
The Greatest Panic in the History
of Speculation in Grain
.....- and Produce.
A Decline of Is Cents in Wheat
in Two Days and 25 3-4
Cents in Week.
Many of the Prominent Grain Firms
of the Country Gone to
the Wall.
The Firm of C. J. Kershaw & Co.
Forced Out by Garnishee
Proceedings.
Bellowings of the Bulls.


CHICAGO, June A.-The calm of yester-
day on the Chicago board of trade was fol-
lowed by whirlwind of excitement this
morning. Traders had just nicely caught
their breath ana steadied their nerves af-
ter the break of Saturday, when second
of Saturday enlarged and intensified. The
liberal taking Of July wheat yesterday by
the clique made that future steady at about
84c per bushel. Outside traders talked
themselves into the belief that the combi-
nation permitted the sharp decline on Sat
urday for purpose, and that they were
about to buy up July wheat, as they have
already done May and June, and many be-
came "tailers.' Scalpers became active,
and it looked as if the worst was past and
lowest point for July had been reached
when the Sc drop Of Saturday occurred.
But outside forces were at work for the
bears. Thousands CT cars standing on the
side tracks, elevators all filled to bursting,
tremendous receipts reported, and every
thing pointed to more wheat-millions
more in the near future. Such were the
conditions when traders went on Change
this morning. For the first offerings
of July wheat there were no takers. 1t
was offered under the supposed market
price and still no takers. The uproar grew
intense in the
WILD EFFORT TO SELL WHEAT.
July dropped from 8sN to 80 cents while
men were thinking what to do. Everyone
wanted to unload, but no one wanted
wheat In less time than it takes to tell
the story July wheat was offered at 8O&c,
or Sc less than the closing price of yester--
day. 1t was short storm, but terrible in
its effects. Traders crawled out of the pit
dripping with perspiration and weak from
excitement. There was talk of failures,
bnt none were announced to add to the
feverish condition of things. Then for an
hour there was slight rally and the lead
ing future, July, sold up to S119c. This
was but lull in the storm. At II a. m. the
indicator for July showed that it was
again settling down and in fifteen minutes
it was offered at 79c, 4ac below the open
ing an hour before. Then came
THE THIRD TUMBLE.
At the noon hour July wheat sold down to
761a, or INC below the opening. The en-
tire board was little less than a pande-
monium. The bears declared it a just
retribution of the buliish wheat manipula-
ton. Rumors reached here that there was
a run on the bank in Cincinnati, where the
supplies of the clique were supposed to be
deposited. Chicago banks, it was said, had
refused to advance any more money on
wheat. and late in the session it was stated
that the checks of some parties on the long
side had been refused. At 1890 came the
startling announcement that all persons
having trades with Rosenfeld & Co., one of
the clique houses, should close them at
once. The uprOar had not subsided when
July wheat took
THE FOURTH AND WORST TURN
of the day and dropped for moment to
74c and closed for the morning session at
H14c. Trouble was expected on margins
at Kershaw's and the crowd was ready for
anything short of an earthquake. The in
termission at l o'clock gave the members
a chance to catch their breath, and
when the afternoon session was called
the excitement had somewhat abated. At
2o'clock it was officially announced that
E. w. Bailey & Co. and Hammill & Brine
requested all parties having trades with
them TO close them out at once. The in
slant the announcement was made July
wheat dropped to 1870, but soon recovered
and went back to 74c.
Five minutes later Secretary Stone
raped the tumultuous crowd to order and
read the following from the leading clique
house of C. j. Kershaw & Co.:
We have assurance that margins and
ample funds will be fOrcOming tomorrow
morning, and we request that trades be
closed out.
This was received with cheers, and in q
few minutes July wheat was selling al
75}Sc. The lowest figures reached by July
wheat during the day was 10kc under yes